By BEX Staff for AZBEX
The Rio Nuevo Board has unanimously approved investing up to $4.5M to attract an as-yet-undisclosed “internationally known boutique grocery” to the corner of Broadway and Plumer in Tucson’s Sunshine Mile.
The site is currently occupied by a vacant Dollar Store and tabernacle, according to the Arizona Daily Star.
Tucson developer Marcel Dabdoub presented plans to acquire the entire block at the SWC for a 13.2KSF grocery store and retail outlet. According to Rio Nuevo’s announcement, revenue forecasts for the new store approach $30M/year. Construction costs are estimated at more than $8M.
The investment would come in the form of a $1.5M cash investment if and when the store opens, as well as a sales tax rebate of up to $3M over 10 years.
The Daily Star cites Dabdoub as saying the grocery chain will make a final decision in the next few weeks after a meeting by the company’s real estate committee and depending on the approval of a liquor license request.
“It is our hope that the Rio Nuevo incentives make the difference for us,” said Rio Nuevo Chairman Fletcher McCusker in the announcement. The announcement also said, “In addition to this new grocery, Rio Nuevo is activating more than 50 properties vacated and abandoned due to the Broadway widening—combined these projects represent $50M in new realized revenue that will fuel Tucson’s economy and quality of life.”
